Novo Nordisk open to direct New York listing, CEO Doustdar tells FT
NVO•Shares remain well below peak as Lilly gains ground
Novo, which is primarily listed in Copenhagen, rode a wave of demand after launching weight-loss drug Wegovy in 2021, helping it become Europe's most valuable listed firm in 2023 with a market value of more than $600 billion.
Novo Nordisk didn't immediately respond to a Reuters request to comment outside regular business hours.
Since then, however, Novo's shares have fallen more than 70% since its peak, while Lilly's have risen. Sales of Lilly's rival weight-loss treatment, Zepbound, are expected to exceed Wegovy sales this year by more than $7 billion, according to LSEG data.
Novo Nordisk says it could consider a direct New York listing
Sept. 23 (Reuters) - Novo Nordisk NOVOb.CO is open to considering a direct New York Stock Exchange listing, replacing the American depositary receipts through which US investors currently trade its shares, CEO Mike Doustdar told the Financial Times in an interview published on Wednesday.
The US accounts for more than half of Novo's revenue and the bulk of sales of its diabetes and obesity drugs, but the Danish drugmaker is under pressure to regain momentum in the weight-loss market against rival Eli Lilly LLY.N.
"I clearly do see some advantages with that," Doustdar told the newspaper when asked whether Novo would consider a direct listing on the New York Stock Exchange.
"Our investor community to a larger extent has shifted over the last 20 years (outside of) Scandinavia, and we are increasingly speaking to investors in the US. . . in addition to (our long-term investors)," Doustdar added.
CEO says the idea has been discussed, but not actively pursued
Doustdar said the idea of a direct US listing had been discussed over the past decade, but there had been no "active dialogue or discussions" about it since he became CEO last year.
